NCL Industries Q1 FY27: PAT down 14% YoY to ₹17.4 Cr as cement margins compress
PAT -14.3% YoY · revenue +1.5% · margins compressing
₹343.67 Cr
+1.5% YoY
₹17.38 Cr
-14.3% YoY
5%
-0.9pp YoY
₹3.84
NCL Industries' consolidated Q1 FY27 (quarter ended 30 June 2026) revenue from operations came in at ₹343.67 Cr, up a modest 1.5% YoY (₹338.47 Cr) but down 14.0% QoQ from the seasonally stronger Q4 FY26 (₹399.63 Cr). Consolidated PAT of ₹17.38 Cr fell 14.3% YoY (₹20.27 Cr) and 58.6% QoQ (₹41.98 Cr); EPS was ₹3.84 against ₹4.48 a year ago. There is no formal management guidance on record for this company and no brokerage preview or consensus estimate could be located for this filing, so vsGuidance and vsStreet are both unknown rather than a miss — the read rests on the YoY print itself, where profit fell faster than revenue grew, i.e. a margin-compression quarter rather than a topline growth or decline story. No management press release or commentary accompanied this filing, so the analysis rests solely on the reviewed financial statements and segment note.
Q1 FY-2027 vs prior quarters
The squeeze sits on the cost side: standalone fuel expense rose 24.3% YoY to ₹76.27 Cr, the single largest driver behind total expenses growing 7.6% YoY (₹324.39 Cr) against revenue growth of just 1.5%. Consolidated OPM eased to ~11.5% from ~15.0% a year ago and ~12.8% last quarter; NPM eased to ~5.0% from ~5.9% YoY. By segment, cement PBIT fell 44.8% YoY to ₹23.64 Cr even as cement production rose 9% YoY to 692,914 MT and dispatches rose 8% to 680,547 MT (per the company's own July 9 production update) — volume growth did not translate into profit, pointing to realization or input-cost pressure rather than a demand problem. Boards division PBIT swung to a ₹3.92 Cr profit from a ₹0.63 Cr loss YoY despite production volume falling 33% (11,639 MT vs 17,432 MT), suggesting a cost/mix correction rather than a volume-led improvement. Same-day disclosures included the release of previously pledged promoter shares and the record date (11 September 2026) for a 20% final FY26 dividend — administrative items, not operating drivers. Next quarter's read should watch whether fuel costs ease and whether cement segment PBIT recovers in line with the volume growth already being delivered.
The stock went into the print at ₹177.5, down 4.5% over the past month of trading.
W1
Fuel cost trajectory: standalone fuel expense +24.3% YoY to ₹76.27 Cr this quarter — watch if it moderates and relieves cement margin pressure next quarter
W2
Cement segment PBIT (₹23.64 Cr this quarter, -44.8% YoY) vs continuing 9% YoY volume growth — watch whether realizations/pricing catch up to volumes
W3
Boards division volume: production down 33% YoY (11,639 MT) even as the segment turned profitable (₹3.92 Cr PBIT) — watch whether volumes stabilize
Text-based statement, clearly legible, columns unambiguous (30-Jun-26 vs 31-Mar-26 vs 30-Jun-25). Standalone/consolidated near-identical since the two subsidiaries (Tern Distilleries, Vishwamber Cements) added only ₹8.40 Lakh combined PAT this quarter per the auditor's review. No exceptional items this quarter or in the year-ago quarter (the only exceptional item, ₹9.77 Cr, sits in the FY26 full-year column). Year-ago quarter's comparison netProfit in our records (₹20.27 Cr) already nets a ₹1.55 Cr discontinued-operations loss that has no counterpart this quarter.